TimeIPS Return on Investment Calculator

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Assumptions

Number of Employees:

Average employee hourly wage (be sure to include all costs of benefits and taxes in wage):

Number of payroll periods each year:

Number of minutes needed to collect, calculate and enter payroll data for each time card:

Hourly rate of person collecting, calculating and entering data (be sure to include all costs of benefits and taxes in wage):

Minutes for unauthorized over time each week per employee:

Number of days not reported for sick / vacation per employee per year:

Your budgeted cost for a new TimeIPS System:

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Manual Time Keeping Cost Calculation Estimate:

Per Pay Period

Per Year

Each Employee

All Employees

Each Employee

All Employees

Time calculation inaccuracy:

$10.00

$1,000.00

$260.00

$26,000.00

Theft of time / Time card fraud:

$6.00

$600.00

$156.00

$15,600.00

Unauthorized overtime

$9.38

$937.50

$243.75

$24,375.00

Sick leave and vacation policy abuse:

$1.92

$192.31

$50.00

$5,000.00

Labor related to collecting, calculating and entering payroll data:

$2.00

$200.00

$52.00

$5,200.00

Total Hidden Costs of Manual Time Accounting:

$29.30

$2,929.81

$761.75

$76,175.00

TimeIPS Time Keeping Cost Calculation Estimate:

Per Pay Period

Per Year

Each Employee

All Employees

Each Employee

All Employees

Time calculation inaccuracy: (TimeIPS automates calculation)

$0.00

$0.00

$0.00

$0.00

Theft of time / Time card fraud: (Depends on system used - Biometric eliminates theft of time through buddy punching)

Sick leave and vacation policy abuse: (TimeIPS has a easy to run report that shows each day an employee has that doesn't have Sick, Vacation or another benefit type recorded for the day. This virtually eliminates the ability for the employee to be out for a day, but forget to turn in their leave.)